Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Sie sind im Begriff, von der lokalen Website für Deutschland auf die globale Website in englischer Sprache zu wechseln. Möchten Sie fortfahren?
Diesen Hinweis nicht wieder anzeigen.
Ja
Nein
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's affirms Morgan Stanley's ratings (A3 senior debt) and changes outlook to positive

11 Dec 2019

New York, December 11, 2019 -- Moody's Investors Service has affirmed Morgan Stanley's ratings (A3 senior) and the ratings and assessments of subsidiaries Morgan Stanley Bank, N.A. (MSBNA, A1 deposits), Morgan Stanley Private Bank, N.A. (MSPBNA, A1 deposits), Morgan Stanley Europe SE (MSESE, A1 issuer), Morgan Stanley Bank AG (MSBAG, A1 deposits), Morgan Stanley Capital Group Inc. (MSCGI, A1 issuer), Morgan Stanley Capital Services LLC (MSCS, A1 issuer), Morgan Stanley Bank International Limited (MSBIL, A1 deposits), Morgan Stanley & Co. International plc (MSIP, A1 issuer), and Morgan Stanley Finance LLC (MSFL, A3 issuer).

Moody's has changed to positive from stable its outlooks on Morgan Stanley and its subsidiaries and the outlooks on their relevant ratings.

Issuer: Morgan Stanley

..Affirmations:

....Issuer Rating, Affirmed A3, POS from STA

....Senior Unsecured Regular Bond/Debenture, Affirmed A3, POS from STA

....Subordinate Regular Bond/Debenture, Affirmed Baa2

....Non-cumulative Preferred Stock, Affirmed Ba1(hyb)

....Senior Unsecured Medium-Term Note Program, Affirmed (P)A3

....Other Short Term, Affirmed (P)P-2

....Subordinate Medium-Term Note Program, Affirmed (P)Baa2

....Senior Unsecured Shelf, Affirmed (P)A3

....Subordinate Shelf, Affirmed (P)Baa2

....Non-cumulative Preferred Stock Shelf, Affirmed (P)Ba1

....Backed Commercial Paper, Affirmed P-2

....Commercial Paper, Affirmed P-2

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Bank, N.A.

..Affirmations:

....Long Term Deposit Rating, Affirmed A1, POS from STA

....Short Term Deposit Rating, Affirmed P-1

....Long Term Issuer Rating, Affirmed A1, POS from STA

....Short Term Issuer Rating, Affirmed P-1

....Baseline Credit Assessment, Affirmed baa2

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Long Term Counterparty Risk Rating, Affirmed Aa3

....Short Term Counterparty Risk Rating, Affirmed P-1

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley & Co. International plc

..Affirmations:

....Long Term Issuer Rating, Affirmed A1

....Short Term Issuer Rating, Affirmed P-1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Senior Secured Regular Bond/Debenture, Affirmed A1

....Senior Unsecured Regular Bond/Debenture, Affirmed A1

....Other Short Term, Affirmed (P)P-1

....Senior Unsecured Medium-Term Note Program, Affirmed (P)A1

....Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)A1

....Senior Secured Medium-Term Note Program, Affirmed (P)A1

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Bank International Limited

..Affirmations:

....Long Term Deposit Rating, Affirmed A1, POS from STA

....Short Term Deposit Rating, Affirmed P-1

....Issuer Rating, Affirmed A1, POS from STA

....Baseline Credit Assessment, Affirmed baa2

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Long Term Counterparty Risk Rating, Affirmed Aa3

....Short Term Counterparty Risk Rating, Affirmed P-1

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Capital Group Inc.

..Affirmations:

....Long Term Issuer Rating, Affirmed A1

....Short Term Issuer Rating, Affirmed P-1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Capital Services LLC

..Affirmations:

....Long Term Issuer Rating, Affirmed A1

....Short Term Issuer Rating, Affirmed P-1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Europe SE

..Affirmations:

....Long Term Issuer Rating, Affirmed A1

....Short Term Issuer Rating, Affirmed P-1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Bank AG

..Affirmations:

....Long Term Deposit Rating, Affirmed A1, POS from STA

....Short Term Deposit Rating, Affirmed P-1

....Issuer Rating, Affirmed A1, POS from STA

....Baseline Credit Assessment, Affirmed baa2

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Long Term Counterparty Risk Rating, Affirmed Aa3

....Short Term Counterparty Risk Rating, Affirmed P-1

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Finance LLC

..Affirmations:

....Backed Issuer Rating, Affirmed A3, POS from STA

....Backed Senior Unsecured Medium Term Note Program, Affirmed (P)A3

....Backed Senior Unsecured Shelf, Affirmed (P)A3

....Backed Senior Unsecured Regular Bond/Debenture, Affirmed A3, POS from STA

..Outlook Actions:

....Outlook, Changed to Positive from Stable

Issuer: Morgan Stanley Private Bank, N.A.

..Affirmations:

....Long Term Deposit Rating, Affirmed A1, POS from STA

....Short Term Deposit Rating, Affirmed P-1

....Long Term Issuer Rating, Affirmed A1, POS from STA

....Short Term Issuer Rating, Affirmed P-1

....Baseline Credit Assessment, Affirmed baa2

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Long Term Counterparty Risk Assessment, Affirmed Aa3(cr)

....Short Term Counterparty Risk Assessment, Affirmed P-1(cr)

....Long Term Counterparty Risk Rating, Affirmed Aa3

....Short Term Counterparty Risk Rating, Affirmed P-1

..Outlook Actions:

....Outlook, Changed to Positive from Stable

RATINGS RATIONALE

Moody's said Morgan Stanley's A3 senior unsecured debt and issuer ratings are derived from its lead bank's (MSBNA) baa2 Baseline Credit Assessment (BCA) and a notch of affiliate support from its largest shareholder and strategic partner Mitsubishi UFJ Financial Group, Inc. (A1 senior with stable outlook, a3 BCA at MUFG Bank, Ltd.), resulting in a baa1 Adjusted BCA. The application of Moody's Advanced Loss Given Failure (LGF) analysis results in an assumption of a low loss-given failure resulting in a further notch of uplift to arrive at the A3 ratings, reflecting the benefit senior debt holders are likely to achieve from the substantial amount of holding company senior debt outstanding as well as the amount of debt subordinated to it.

Moody's said the change to a positive outlook reflects Morgan Stanley's broadly consistent strategy and strong financial performance, including its trend of improved profitability and favorable capital and liquidity positions.

Moody's said Morgan Stanley's credit profile is supported by its adherence to broadly consistent strategic objectives and financial goals during the past several years under the stewardship of a long-tenured senior leadership team. It has maintained its competitive strength among the leaders in global capital markets activities and has enlarged and strengthened its wealth management business, notably by improving this unit's pretax margin to 28% in the nine months ended September 2019 from 20% in 2014. These factors have contributed to an overall improvement in the firms profitability, with Moody's-adjusted net income reaching 1.0% of tangible assets in 2018 and year-to-date through September 2019. Firm-wide pretax earnings volatility has also improved, and now closely matches peers.'

In addition, the firm has significant positive structural liquidity and comprehensive liquidity management that substantially offset challenges posed by its heavy reliance on market funding, said Moody's.

Morgan Stanley continues to maintain a peer-leading risk-based capital position, with 16.3% standardized and 16.6% advanced-approach Basel III Common Equity Tier 1 ratios at September 2019. Although Morgan Stanley had a greater decline in capital than its closest peer under the severely adverse scenario of the Federal Reserve's 2019 Dodd-Frank Act stress test (DFAST), this worse outcome appears to be the result of stress assumptions pertaining to cost management and, possibly, operational losses, rather than revenue- or market risk-related stresses that could be harder to control. Moody's said one of MS's core strengths since the financial crisis has been its willingness and ability to engage in and effectively manage periodic cost reductions.

Moody's said that Morgan Stanley's loan growth remains a key ongoing credit risk, especially for its more volatile Institutional Securities business, a trend that the rating agency will continue to monitor.

Moody's said that corporate governance is highly relevant for Morgan Stanley, as it is for all banks. Morgan Stanley's BCA incorporates a one-notch downward adjustment to reflect the credit risk associated with the opacity and complexity of its global operations. Like its global investment bank peers, it has a complex legal structure, and its global footprint and extensive capital market activities increases management and governance challenges. However, Morgan Stanley's governance frameworks and related controls and processes have materially improved since the financial crisis. Nonetheless, corporate governance remains a key credit consideration given new emerging risks and continues to be a subject of Moody's ongoing monitoring.

Moody's said Morgan Stanley's Baa2 subordinated holding company debt and Ba1 (hyb) non-cumulative preferred shelf ratings reflect the juniority of these obligations, with a high loss-given-failure, given the small volume of securities outstanding and the limited protection from more subordinated instruments and residual equity.

Morgan Stanley's Prime-2 short-term ratings, and the various types of Prime-1 short-term ratings and assessments assigned to its relevant subsidiaries, are based on Moody's approach for determining short-term ratings on its Global Short-Term Rating Scale, said Moody's.

US banks:

MSBNA and MSPBNA are US-based FDIC-insured indirect wholly owned subsidiaries of Morgan Stanley. Moody's said it considers MSBNA's and MSPBNA's credit profiles to be aligned, and accordingly they each have the same ratings' profile, derived from their baa1 Adjusted BCA's.

The banks' A1 deposit and issuer ratings benefit from three notches of uplift from the baa1 Adjusted BCAs in Moody's Advanced Loss Given Failure (LGF) analysis, because their deposits and senior unsecured obligations are likely to face extremely low loss-given-failure, due to the loss absorption provided by holding company obligations. MSBNA's and MSPBNA's Aa3 counterparty risk ratings (CRR) and Aa3(cr) counterparty risk assessments (CRA) each incorporate one notch of incremental uplift for US government support. This reflects Moody's view that Morgan Stanley's systemic importance primarily derives from its high degree of interconnectedness with other global systemically important banks and its role as a significant derivatives counterparty. As such, there is a moderate likelihood that in resolution, the US government could take action to support the operational liabilities of Morgan Stanley's systemically important subsidiaries (but not their debt or deposits), including MSBNA's and MSPBNA's, in order to limit systemic risk and contagion and facilitate an orderly unwind of such obligations.

Highly integrated and harmonized entities:

Moody's considers the standalone credit profiles of MSESE, MSBAG, MSCGI, MSCS and MSBIL to be highly integrated and harmonized with the rest of Morgan Stanley. Their management, operations and financial affairs are highly integrated with those of the group, they have extensive transactions and balances with other group companies, and they rely on other group entities to provide important treasury, risk management and other services. Moody's believes that US regulators would likely use the group's total loss-absorbing capacity (TLAC) to support these entities, and their ratings and assessments are aligned with those of MSBNA.

Morgan Stanley & Co. International plc (MSIP):

MSIP is one of Morgan Stanley's largest operating subsidiaries and its primary European broker-dealer. MSIP's ratings reflect its stable liquidity, improved funding profile, weak and volatile earnings, and controlled risk appetite. Its ratings also reflect Moody's expectation that there is a very high likelihood that Morgan Stanley would support MSIP, and in the event of a failure of the group, creditors at MSIP would benefit from the bail-in of Morgan Stanley's holding company debt. The combination of a very high likelihood of support from the group and the benefit of a significantly lower loss-given-failure for MSIP creditors in the event of failure results in seven notches of uplift from MSIP's Ba2 Standalone Assessment to its A1 senior unsecured debt rating.

Morgan Stanley Finance LLC (MSFL):

MSFL is a finance subsidiary and Morgan Stanley fully and unconditionally guarantees its securities. Its creditors are in effect pari passu with Morgan Stanley's senior unsecured creditors, and accordingly its A3 senior rating is at the same level as Morgan Stanley's.

FACTORS THAT COULD LEAD TO AN UPGRADE

Morgan Stanley's long- and short-term ratings, and its subsidiaries long-term ratings and assessments, could be upgraded should Morgan Stanley maintain its trend of improving the quality and stability of its profitability, and favorable capital and liquidity, with a continued absence of control or risk management failures. Additionally, an upgrade will depend on improved stress resilience via the demonstration of strong risk management controls in Institutional Securities' lending and improved results in regulatory stress testing.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Morgan Stanley's ratings, and its subsidiaries ratings and assessments, could be downgraded with evidence of a significant deterioration in loan credit quality or loan underwriting standards, an increase in portfolio concentrations, a deterioration in the firm's liquidity profile, a general increase in risk appetite, or a significant controls, risk management or governance failure.

The principal methodology used in rating Morgan Stanley, Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, N.A., Morgan Stanley Bank International Limited, Morgan Stanley Bank AG and Morgan Stanley Finance LLC was Banks Methodology published in November 2019. The principal methodologies used in rating Morgan Stanley & Co. International plc, Morgan Stanley Europe SE, Morgan Stanley Capital Services LLC and Morgan Stanley Capital Group Inc. were Securities Industry Market Makers Methodology published in November 2019 and Banks Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Donald Robertson
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​